In a letter to MicroStrategy shareholders on Thursday, the company’s CEO, Micheal Saylor, confirmed his belief in continuing his years-long bitcoin buying spree. The document was intended to lay the groundwork for the annual meeting of shareholders scheduled for May 22, 2022.
The CEO also promised that MicroStrategy, the publicly traded company with the most number of bitcoin holdings, would continue to buy more BTC and provide its software intelligence services to a wider customer base.
Saylor doubled down on his Bitcoin strategy
In the letter, Saylor described the company’s bitcoin strategy as “complementary to our analytics software and services businesses,” a way that will enhance enterprise customer growth. In addition to strengthening its business strategy to pursue the vision of Intelligence Everywhere, the company has considered its parallel strategy of acquiring and holding bitcoin a great success.
Saylor’s strategy of acquiring BTC has diversified into using the proceeds of debt and equity transactions since 2011. The business intelligence company began accumulating bitcoin back in August of 2020 through excess cash flow from operations.
Later, the company accelerated its accumulation pace by using convertible note offerings, equity offerings, and crypto-collateralized loans to purchase more bitcoins for its treasury.
Saylor also described his company as which “innovation is in our corporate DNA.” He noted that MicroStrategy pioneered data mining software in the 1980s, was early to the web revolution in the 1990s, and espoused mobile analytics as well as cloud-based analytics in the 2000s.
129,218 BTC on MicroStrategy balance sheet
MicroStrategy, together with its subsidiaries, currently holds 129,218 bitcoins on its balance sheet, with a total purchase cost of $3.97 billion for an average of $30,700 per coin.
In a panel at the Miami 2022 Bitcoin conference with Ark Invest’s CEO Cathie Wood last Thursday, Saylor said he was “more bullish than ever on Bitcoin” and agreed with Wood’s prediction that BTC could reach $1M per coin by 2030.
